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run our big deficits? >> one interpretation is that china is basically lending us the money to buy stuff from them. >> reporter: now at this point we could run a montage of soundbites from politicians and even some economists about what a huge problem this is. more graphic and succinct is this futuristic fear video gone viral. >> reporter: it's about the rise of china, the decline and fall of great empires. they overspent, says the chinese professor, and went into debt. the most recent great debtor: america. >> reporter: that's one view of the chinese, but they say they're just being prudent. controlling their currency to keep what professor huang calls hot money from overheating their economy. >> hot money, money that goes back and forth very, very quickly. if you look at the u.s., the interest rates here are very, very low, the japanese interest rates are very, very low. this money needs to find a home, to park, to generate higher returns. >> reporter: okay, so lots of hot money rushes in to china, so wh
run our big deficits? >> one interpretation is that china is basically lending us the money to buy stuff from them. >> reporter: now at this point we could run a montage of soundbites from politicians and even some economists about what a huge problem this is. more graphic and succinct is this futuristic fear video gone viral. >> reporter: it's about the rise of china, the decline and fall of great empires. they overspent, says the chinese professor, and went into debt. the...
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this isn't the solution to our deficit»ei]7nñ problem. instead the solution lies with social security, medicare, medicaid, the new affordable care act--. >> brown: why? why take revenues off the table? >> again, the president's own commission said the route to higher revenues is through tax reform. the president did mention tax reform and i thought that was one of the good pieces of this speech, but the notion that you can somehow take 2% of the americans and solve the largest national problem we have is just not going to add up. >> brown: paul krugman? >> well, look, the proposal called for raising revenue through not-- through allowing those top-end tax cuts to expire and closing of loopholes, the ending of exemptions. that's a little squishy but not remotely as squishy as what we saw last week. last week we saw a plan that not only proposed to make the tax cuts permanent but propose $3 million in more tax cuts. there is a bit of an asterisk in this but it's a tiny one compared to what we saw from the other side. it's much more congress
this isn't the solution to our deficit»ei]7nñ problem. instead the solution lies with social security, medicare, medicaid, the new affordable care act--. >> brown: why? why take revenues off the table? >> again, the president's own commission said the route to higher revenues is through tax reform. the president did mention tax reform and i thought that was one of the good pieces of this speech, but the notion that you can somehow take 2% of the americans and solve the largest...
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we agree on a $4 trillion objective for reducing the deficits. we agree we need to bring them down in a way that allows us to start to pay down our debt burden. we have big disagreements on how to do it, but that's a good place to start and we can take advantage of this opportunity to get the congress to lock itself into a set of constraints to live within our means that would be an enormously positive accomplishment. it would be very helpful for recovery, make americans more confident washington can work and, again, listening to people talk, look carefully. people have to say a bunch of things as politician bus if you listen carefully to what they're saying, i'd say optimistic. >> lehrer: i was listening carefully to what the president said. he said there is no way he is going to permit the taxes for the wealthy, for the upper income group in america, to get a tax cut. period. he said it twice. no way. and the republicans said just the opposite. "we will never support anything that has to do with raising taxes." now what did i miss? >> well, you
we agree on a $4 trillion objective for reducing the deficits. we agree we need to bring them down in a way that allows us to start to pay down our debt burden. we have big disagreements on how to do it, but that's a good place to start and we can take advantage of this opportunity to get the congress to lock itself into a set of constraints to live within our means that would be an enormously positive accomplishment. it would be very helpful for recovery, make americans more confident...
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over ten years it has about $1.2 trillion in reduced deficits compared to what the deficits would be if we didn't have any current policy that is a good start is it enough. no, do we need to go much farther, yes. but here's to me the interesting part. as a bit of a deficit hawk i find myself thinking that it was a good decision that the president didn't go even farther on deficit reduction in this budget even though we need it because had he put even more controversial proposals in the budget, they'd have gotten shot apart by the interest groups. >> ifill: let me ask maya about that, because in the long-term as bob greenstein puts it, according to his plan, the deficit would be halved. but it also would consume a greater percentage of gdp, of gross domestic product, right. >> right, i this there is-- there is no question that the numbers in the budget lead us on an unsustainable path. and i think the white house would agree with that. the deficits don't company down far enough and they start to grow again. at the end of the ten-year period the debt would be at 77% of gdp. nobody thin
over ten years it has about $1.2 trillion in reduced deficits compared to what the deficits would be if we didn't have any current policy that is a good start is it enough. no, do we need to go much farther, yes. but here's to me the interesting part. as a bit of a deficit hawk i find myself thinking that it was a good decision that the president didn't go even farther on deficit reduction in this budget even though we need it because had he put even more controversial proposals in the budget,...
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that was $47 billion. >> it's a $1.2 trillion deficit right now. the president's plan that gene talks about doe not control deficits. we have deficits ten years from now that are rising as a fraction of our economy. we have a rising debt as a fraction of our economy. so it's not the case that the president has put out a plan to stabilize the debt and control the deficits. this is a trivial amount of money. he had such an opportunity. the bowles-simpson commission gave him a blueprint that said here's something in a bipolar fashion that stabilize it is debt and they didn't do that. so they must have thought the politics of this are better than the substance of tax reform and deficit reduction. >> brown: why is $47 trivial? if there's a big problem-- and we heard paul ryan say this is a small amount, too-- but it's something. i guess that's the argument from the democrats. it's something. >> it's a big problem and this is a tiny, tiny, tiny solution. i'd prefer to have the president, the leader of this country, find a big solution so we have tiny, ti
that was $47 billion. >> it's a $1.2 trillion deficit right now. the president's plan that gene talks about doe not control deficits. we have deficits ten years from now that are rising as a fraction of our economy. we have a rising debt as a fraction of our economy. so it's not the case that the president has put out a plan to stabilize the debt and control the deficits. this is a trivial amount of money. he had such an opportunity. the bowles-simpson commission gave him a blueprint that...
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the deficit is today? it's less than 2 trillion today and i'm not saying that that is little. but it's the long-term deficit that's scary. and we have some time to address that long-term deficit. we've got to keep people working and get people back to work. that's the foremost challenge for our country. i think people will understand that. >> governor ed rendell and jim douglas, thank you both. >> thank you, margaret . >> woodruff: next the soccer world cup ends south africa's massive jobless program remains. fred de sam lazaro reports on one social entrepreneurs efforts to help some of the unemployed. >> reporter: the world cup with south africa's own economic stimulus plan. $6 billion spent building or rebuilding stadiums, more on roads and a fast train. still the official jobless rate is 27%. and that's not counting migrants from neighboring countries and doesn't include the huge number of underemployed day labourers, so-called casual workers. >> we haven't been isolated from the effects of the economic
the deficit is today? it's less than 2 trillion today and i'm not saying that that is little. but it's the long-term deficit that's scary. and we have some time to address that long-term deficit. we've got to keep people working and get people back to work. that's the foremost challenge for our country. i think people will understand that. >> governor ed rendell and jim douglas, thank you both. >> thank you, margaret . >> woodruff: next the soccer world cup ends south africa's...
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social security has nothing to do with our current deficit problem. social security has been a cash-plus in our bookkeeping. but the key thing in-- and the president's absolutely right-- the only way we are going to be able to get our deficit under control is to create more jobs. 9% of americans unemployed, you're not going to have the revenues in government, those who pay taxes, and you're going to have a greater demand on public services. so job creation has to be critically important to getting our deficit under control. quite frankly, his proposals of rebuilding our nation, of helping small businesses, of targeting relief to those who have been unemployed for a long period of time will help all of us bring our budget into balance. as far as the entitlement programs, mandatory spend, yes, we think we can get savings in that area. we want to see a balanced approach to dealing with our nation's deficits. >> brown: savings meaning thingsing like raising the retirement benefit age, for example? >> i personally believe we can do it without affecting the
social security has nothing to do with our current deficit problem. social security has been a cash-plus in our bookkeeping. but the key thing in-- and the president's absolutely right-- the only way we are going to be able to get our deficit under control is to create more jobs. 9% of americans unemployed, you're not going to have the revenues in government, those who pay taxes, and you're going to have a greater demand on public services. so job creation has to be critically important to...
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one problem is the jobs deficit. another problem is the fiscal deficit. and i would say also ones that's not mention toad often is the growth deficit. so the decisions we make about tax affect all of those things. in the jobs deficit case we're talking about a lack of aggregate demand . that means we certainly don't want to allow all of the bush tax cuts to expire right now. that would be-- not be a good policy because those expirations will effect the purchasing capabilities 6 the american household but at the same time we have this long run deficit problem and i think we need right now to not only be introducing policies to handle the jobs deficit but we have to have a credible plan on the table for multiyear deficit reduction. and i believe part of that plan is most likely to be a expiration of the tax cuts for its top two income tax brackets. it's a lot of money. it's over $3 trillion over a ten-year period. we have a big deficit problem. this is an important source revenue to help handled that problem. >> brown: but we also, as you say, have a jobs a
one problem is the jobs deficit. another problem is the fiscal deficit. and i would say also ones that's not mention toad often is the growth deficit. so the decisions we make about tax affect all of those things. in the jobs deficit case we're talking about a lack of aggregate demand . that means we certainly don't want to allow all of the bush tax cuts to expire right now. that would be-- not be a good policy because those expirations will effect the purchasing capabilities 6 the american...
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this and deficit and tax reform which i hope to work o. all of those have to look at how do we create jobs and get the economy moving again. unemployment is far too high. the economy is anemic. these are steps in trying to get a jobs agenda >> woodruff: you're going to get the democratic majority because the president -- nobody believes the president would sign that even if it were passed by the congress. so there's discussion among republicans about defunding health care. how far along the road are those talks? >> i think those are -- that's obviously one path to take. we also need to look at parts of the health care bill, and the courts will have a say in the health care bill. we need to do everything we can to stop a bill that actually increases health care costs, costs jobs and increases the deficit. that's a problem. and the american people spoke loudly on that issue in the election, and that's why we're moving forward the way we are >> woodruff: and finally, mr. chairman, tax reform. you worked closely with the bush administratio the
this and deficit and tax reform which i hope to work o. all of those have to look at how do we create jobs and get the economy moving again. unemployment is far too high. the economy is anemic. these are steps in trying to get a jobs agenda >> woodruff: you're going to get the democratic majority because the president -- nobody believes the president would sign that even if it were passed by the congress. so there's discussion among republicans about defunding health care. how far along...
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that suggests that social security is causing the deficit problem. the social security issues are farther down the road. we believe that we need to address them. the president said in the state of the union that he wants to work on a bipartisan basis to address social security so the current retirees and current workers who will be future retirees can count on their benefits now and in the future. we really believe that. we think the right thing to do is to work together like we did in 1983 to solve the problem. the problem is that the history tells us that if you put a proposal out there, it doesn't necessarily move the process forward. you know, i saw when i was working on social security on the hill in the '80s that in 1981 a proposal set things back. it polarized the parties. we saw that in the 1990s as well. what the president did in the state of the union was try to set out principles so that we can actually prepare the ground for a constructive conversation. we think that's the right way to move the ball forward. >> ifill: opening bid? >> it's
that suggests that social security is causing the deficit problem. the social security issues are farther down the road. we believe that we need to address them. the president said in the state of the union that he wants to work on a bipartisan basis to address social security so the current retirees and current workers who will be future retirees can count on their benefits now and in the future. we really believe that. we think the right thing to do is to work together like we did in 1983 to...
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and with ten days to go, there was still no deal in sight on congress' deficit supercommittee. on the newshour, democratic congressman chris van hollen said panel members are "legitimately concerned" about what the markets will do if there's no agreement. online, we have a story about the government crackdown in a poor brazilian neighborhood, ahead of the 2014 world cup competition. hari sreenivasan explains. hari? >> sreenivasan: our partners at globalpost are on the scene in rio de janeiro's largest slum. find a link to their coverage on our world page. health correspondent betty ann bowser has a blog post about the high price of daily life in alaska. her report about dental care in remote parts of the state is slated to air later this week. plus, economics correspondent paul solman talks to former f.d.i.c. chairwoman sheila bair about her newest project, a children's book on saving money. that's on our making sense page. all that and more is on our web site, newshour.pbs.org. judy? >> woodruff: and that's the newshour for tonight. on tuesday, we'll look at europe's debt trou
and with ten days to go, there was still no deal in sight on congress' deficit supercommittee. on the newshour, democratic congressman chris van hollen said panel members are "legitimately concerned" about what the markets will do if there's no agreement. online, we have a story about the government crackdown in a poor brazilian neighborhood, ahead of the 2014 world cup competition. hari sreenivasan explains. hari? >> sreenivasan: our partners at globalpost are on the scene in...
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. >> reporter: the blueprint aims to reduce the deficit by another $1.8 trillion over ten years. that's on top of $2.5 trillion in reductions agreed to at the end of last year. the cuts in this new budget also replace most of sequestration-- those across-the-board spending reductions that already have begun taking effect. to make it all possible, the president would raise $580 billion in new revenue from higher taxes on the wealthy. and, he anticipated republican objections. >> if anyone thinks i'll finish the job of deficit reduction on the backs of middle-class families, or through spending cuts alone-- that actually hurt our economy in the short-term-- they should think again. when it comes to deficit reduction, i've already met republicans more than half-way. >> reporter: but on the senate floor this morning, republican leader mitch mcconnell rejected the president's math. >> when you cut through the spin and get to the facts, it looks like there's less than $600 billion worth of reduction in there and that's over a decade. all of it coming, not surprisingly, from tax increas
. >> reporter: the blueprint aims to reduce the deficit by another $1.8 trillion over ten years. that's on top of $2.5 trillion in reductions agreed to at the end of last year. the cuts in this new budget also replace most of sequestration-- those across-the-board spending reductions that already have begun taking effect. to make it all possible, the president would raise $580 billion in new revenue from higher taxes on the wealthy. and, he anticipated republican objections. >> if...
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we're terribly concerned about the deficit. it turns out when we're going to blow up the deficit to give them what they want they don't care about it at all. utter hypocrisy. >> brown: gentlemen, we will continue this discussion. no do you. paul krugman, steven moore. thank you very much. >> thanks a lot. >> thank you. >> ifill: still to come on the newshour, the legal case for and against wikileaks; how ireland went from boom to bust; ray suarez on changes in cuba; and education secretary duncan on the state of our schools. but first, with the other news of the day, here's hari sreenivasan in our newsroom. >> sreenivasan: elizabeth edwards died today after a long battle with cancer. her family said she passed away at her home in chapel hill, north carolina. edwards was an attorney and author and was married to former democratic presidential candidate john edwards. they separated this year after he admitted having an affair. in recent years, elizabeth edwards also campaigned for health care reform. she was 61 years old. the u.s
we're terribly concerned about the deficit. it turns out when we're going to blow up the deficit to give them what they want they don't care about it at all. utter hypocrisy. >> brown: gentlemen, we will continue this discussion. no do you. paul krugman, steven moore. thank you very much. >> thanks a lot. >> thank you. >> ifill: still to come on the newshour, the legal case for and against wikileaks; how ireland went from boom to bust; ray suarez on changes in cuba; and...
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look, i think the politics will change when people think the deficit is hurting them. one reason in the past congress has had to deisl with t is because interest rates have gone up a lot. so if the fed keeps raising interest rates, if mortgage rates go up, if the fed chair does, as alan greenspan used to, lecture congress it's your faul cause you're not dealing with the deficit, that could change , ings. the second thing could, i don't see it on the horizon, have some kind of leadership where some president would say, look, this isn't a problem today, it's a problem for your kids, i want to do something about it and would be able to sell the amerin people on a little belt tightening now for a better future. >> what are the chances. e have a presidential election coming up and so far no democrats are running on the deficit. president trump occasionally talks about it bu made to indication he's interested in changing it. so hard political choices and we have leadership questions for many issues, maybe toward the ttom of that very difficult stack. >> lisa desjardins, d we
look, i think the politics will change when people think the deficit is hurting them. one reason in the past congress has had to deisl with t is because interest rates have gone up a lot. so if the fed keeps raising interest rates, if mortgage rates go up, if the fed chair does, as alan greenspan used to, lecture congress it's your faul cause you're not dealing with the deficit, that could change , ings. the second thing could, i don't see it on the horizon, have some kind of leadership where...
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the reason that we are facing deficits now and deficits and we've piled on so much debt in the future is in significant part because of the tax cuts that they instituted and refused to find a way to pay for. he talks about entitlement problems because of the largest increase in entitlements guarantees, the prescription drug plan which they instituted and refuse to pay for. and because of the wars. so don't-- get me your turn, david. >> i agree that the bush-obama tax cuts which the current president has fully endorsed. >> not fully endorsed. not fully endorsed. >> i they they are all consistent. one thing i would like to say about cheney, for something he mentioned and that ties back to something earlier in the program, that was syria. he describes in the book, a meeting-- i agree with ruth, on everything she said. >> i will be quiet now. >> so on syria they had a meeting in the white house. should we bomb the syrian nuclear reactor several years ago and one person said yes and that was dick cheney. earn else said no. he was actually right about that. if the israelies had not taken ou
the reason that we are facing deficits now and deficits and we've piled on so much debt in the future is in significant part because of the tax cuts that they instituted and refused to find a way to pay for. he talks about entitlement problems because of the largest increase in entitlements guarantees, the prescription drug plan which they instituted and refuse to pay for. and because of the wars. so don't-- get me your turn, david. >> i agree that the bush-obama tax cuts which the...
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imagine if we were-- you know, we already cut our deficit by 800 billion and then we were going to cut another-- or raise taxes for another $1.7 trillion and lay off another 20% of the federal workforce after already getting rid of 10%, i mean, this place would be a real mess. that's what they're doing in greece and i think there are a lot of alternatives that are better than that. >> warner: so good back to mark weisbrot's original point, do you think greece will have to default, in a hard way or soft way-- renegotiate the terms-- or get out of the euro zone and revalue. >> i think there will be some orderly restructuring of their debt. i'm in favor of that. the problem is they need to borrow money just to say where they are. if they go to the argentina scenario where they say we're not going to pay any of our debt they still have a deficit and they can't finance the deficit if they have to do more fiscal contraction than in the current, horrible scenario they're in now. the germans will not lend them any more money. if the germ ranz willing to hand them 200 billion your organization
imagine if we were-- you know, we already cut our deficit by 800 billion and then we were going to cut another-- or raise taxes for another $1.7 trillion and lay off another 20% of the federal workforce after already getting rid of 10%, i mean, this place would be a real mess. that's what they're doing in greece and i think there are a lot of alternatives that are better than that. >> warner: so good back to mark weisbrot's original point, do you think greece will have to default, in a...
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just to clear up on the deficit-- deficit commission, the plan voted on would cut the deficit with a trillion dollars, with a t over the next ten years. this is pledge week on public television. we'll be back in seven minutes with a look at the testimony of u.s. military chiefs about the repeal of "don't ask, don't tell." this short break allows your >> lehrer: finally tonight, senators get some four-star opinions on repealing "don't ask, don't tell." >> brown: the commanders of the armed forces sat side by side at today's hearing, but they split over repealing "don't ask, don't tell" now. the marine corps, army and air force all expressed serious concerns. >> this is a bad time, senator. >> lehrer: a day earlier, their bosses testified before the senate armed services committee. defense secretary gates and admiral mike mullen, chairman of the joint chiefs, fully supported reversing the 1993 policy that's expelled nearly 14,000 service members. they also endorsed pentagon findings that most troops don't seem worried. but general james amos, commandant of the marine corps, took issue
just to clear up on the deficit-- deficit commission, the plan voted on would cut the deficit with a trillion dollars, with a t over the next ten years. this is pledge week on public television. we'll be back in seven minutes with a look at the testimony of u.s. military chiefs about the repeal of "don't ask, don't tell." this short break allows your >> lehrer: finally tonight, senators get some four-star opinions on repealing "don't ask, don't tell." >> brown:...
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even as we continue to do a large amount of deficit spending now. that's how we get from the short term to the long term is making sure the economy is on solid ground, putting plans in place for once the recovery is well underway to get deficits down by reducing spending and raising taxes. >> ifill: what should be on the table and what shouldn't in your opinion? >> everything should be on the table. so congress right now likes to talk about wasteful discretionary spending because that sounds like the least painful thing to cut. but everything-- entitlement programs, social security, medicaid care-- we need longer term reforms. we need tax reform. con traefer to what everyone would like to believe which is we don't need more revenue we really do need more revenue. it's not just a spending side problem or a tax side problem. we need help from all fronts. >> ifill: what should ob the table and what shouldn't? >> i think everything has to be on the table. we really do have to look at it. revenues are part of the solution. we need to raise them but in an
even as we continue to do a large amount of deficit spending now. that's how we get from the short term to the long term is making sure the economy is on solid ground, putting plans in place for once the recovery is well underway to get deficits down by reducing spending and raising taxes. >> ifill: what should be on the table and what shouldn't in your opinion? >> everything should be on the table. so congress right now likes to talk about wasteful discretionary spending because...
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deficits and indebtedness and it gives them cause for concern. they said that it puts the u.s. in a position where it is not nearly as credit worthy as other sovereign nations that have triple-a or pristine credit ratings so by firing the shot across our bowl giving us a warning they said there's some probability as high as perhaps 2 and 3 over the next two years that u.s. credit rating could be downgraded from triple-a. >> woodruff: what are they basing it on? we notice that the other major ratings agency moody's i guess has drawn a somewhat different conclusion. now they recently said they've looked at what's going on and they think the country may be headed in the right direction when it comes to dealing with its credit issues. >> i think first of all it's different than having a difference of opinion about general electric or at&t where split ratings are cause for concern. but with the united states a rating agency has a right to raise a question about the ability of our institutions to deal with this. a lot of it depends on how much faith you have in the congress and the w
deficits and indebtedness and it gives them cause for concern. they said that it puts the u.s. in a position where it is not nearly as credit worthy as other sovereign nations that have triple-a or pristine credit ratings so by firing the shot across our bowl giving us a warning they said there's some probability as high as perhaps 2 and 3 over the next two years that u.s. credit rating could be downgraded from triple-a. >> woodruff: what are they basing it on? we notice that the other...
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>> i just don't agree the deficits aren't a problem now. i agree not to bring them down too fast, that's for sure. but to think there's not a long run secular problem here given how high our debt is, where things are going, we could be looking at having a level of income 25% lower than it would be otherwise a couple decades from now. this isn't just a couple percent this isn't like we pushed the problem out into the future. it's a big problem but that said obviously we're running a really big deficit now, things are still very difficult. we can't move quickly on this. it would be too painful. i wouldn't sty go in the other direction. don't jump off the fiscal cliff, on the other hand we could potentially have a much bigger cliff coming down the road if we don't start doing something sooner rather than later. >> warner: ken rogoff you have worries about this continuing debt and what it means for raising borrowing costs down the road. >> perhaps raising borrowing costs eventually if people panic. a country like the united states people have c
>> i just don't agree the deficits aren't a problem now. i agree not to bring them down too fast, that's for sure. but to think there's not a long run secular problem here given how high our debt is, where things are going, we could be looking at having a level of income 25% lower than it would be otherwise a couple decades from now. this isn't just a couple percent this isn't like we pushed the problem out into the future. it's a big problem but that said obviously we're running a really...
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economy is federal spending and trillion dollar deficits. if we focus our attention on that number one problem first, there's a lot of room for bipartisan cooperation on everything else. >> woodruff: gentlemen, we'll be watching the two of you sitting together in the gallery tonight. senator mark kirk, senator dick durbin, thank you. >> lehrer: and now, the coming of tonight's state of the union address as seen by shields and gerson. that's syndicated columnist mark shields and "washington post" columnist michael gerson. david brooks is away tonight. michael, what do you make of this mixed seating arrangement? >> well, i think it's symbolic and sweet and a little bit like junior high school. but i think the principle is an important one. not just in the congress but actually in our lives. that we should associate with people that we don't always agree with. that's why i like mark so much. but i think that's important. i've always hated that aspect of the state of the union address which is the competitive applause aspect which i think has un
economy is federal spending and trillion dollar deficits. if we focus our attention on that number one problem first, there's a lot of room for bipartisan cooperation on everything else. >> woodruff: gentlemen, we'll be watching the two of you sitting together in the gallery tonight. senator mark kirk, senator dick durbin, thank you. >> lehrer: and now, the coming of tonight's state of the union address as seen by shields and gerson. that's syndicated columnist mark shields and...
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it's in the deficit. but i do want to ,ing up david, the saga that unfolded in the white house thik, a very high-ranking person and the staff sec, retab porter. he was accused by two of his ex-wives, both exwives of physically and verbally an emotional abuse. he stayed at the white house over a year without a permanent security clearance. the president today is still defendingim, saying he did a great jbwe wish him well, he says he's innocent. what do we make of this? >> io think whatst people do, they see the evidence, which is pretty strong against him, and they hava moral abhorns, and they react to an instinctive abhorrents.o this is man punched his wife in the face. normally you just recoil, and yet with kelly or trump, you don't see recoil. we just see there's an honorable man. and what it reeks of is sort of an archaic 1940s idea that we're the world of men, and whatever you do at the world ofo outside the workplace, that's not our business. that was i think an ethos thatde existeades ago, but it sh
it's in the deficit. but i do want to ,ing up david, the saga that unfolded in the white house thik, a very high-ranking person and the staff sec, retab porter. he was accused by two of his ex-wives, both exwives of physically and verbally an emotional abuse. he stayed at the white house over a year without a permanent security clearance. the president today is still defendingim, saying he did a great jbwe wish him well, he says he's innocent. what do we make of this? >> io think whatst...
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so this is deficit reduction that will build on a record of reducing the deficit. and i wouldn't downplay the significance of that, particularly at a moment where our economy is facing the price challenges that we -- that we are facing. demonstrating that we can continue to make progress on deficit reduction is important part of this bill. judy: finally, the last thing i want to ask you is, we know some of the richest americans, hedge fund executives, private equity executives, virtually untouched by this because of provisions that were taken out. but what are some provisions that were in there originally that the ainistration, that the president would like to come back to in months to come? brian: well, on the tax side, let me start with what's in there. we will now for the first time have a minimum, tax so that the largest corporations in the country, those with more than a billion dollars in income, will have to pay a 15% minimum tax, which is a matter of basic fairness and good tax policy. and we will be able to get that done if this bill is signed into law. lo
so this is deficit reduction that will build on a record of reducing the deficit. and i wouldn't downplay the significance of that, particularly at a moment where our economy is facing the price challenges that we -- that we are facing. demonstrating that we can continue to make progress on deficit reduction is important part of this bill. judy: finally, the last thing i want to ask you is, we know some of the richest americans, hedge fund executives, private equity executives, virtually...
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wisconsin, and potentially other states, to cut public worker benefits in the face of looming budget deficits. >> lehrer: we get the latest on the violent crackdown on protesters in bahrain, and the growing unrest in other arab and north african nations. >> woodruff: then, spencer michels looks at how west coast business leaders view the president's push for investment in technology. >> remember the game here in silicon valley is innovation. and that's what brought president obama to these parts. >> lehrer: and kwame holman details the tug-of-war in congress today over spending cuts. >> woodruff: plus, mark shields and david brooks provide their weekly analysis. >> lehrer: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: >> okay, listen. somebody has got to get serious. >> i think... >> we need renewable energy. >> ...renewable energy is vital to our planet. >> you hear about alternatives, right? wind, solar, algae. >> i think it's got to work an a big scale. i think it's got to be affordable. >> so, where are they? >> it has to work in the real
wisconsin, and potentially other states, to cut public worker benefits in the face of looming budget deficits. >> lehrer: we get the latest on the violent crackdown on protesters in bahrain, and the growing unrest in other arab and north african nations. >> woodruff: then, spencer michels looks at how west coast business leaders view the president's push for investment in technology. >> remember the game here in silicon valley is innovation. and that's what brought president...
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the number-one issue is debt and the deficit. so we're just trying to do the right things which why people sent us here. >> woodruff: let's talk about some specifics. senator warner, is this mainly a matter of turning the recommendations of the simpson-bowles deficit reduction commission, turning that into legislation? >> well, it's turning that into legislation or having that become the consequences if we don't act. because in certain ways, if there is... as saxby said, we won't do this alone, we need the white house, the house, the senate, both parties and if there's a better way to both get to these deficit reduction numbers, if there's a better try actually make sure that our tax code keeps american business competitive in the 21st century and lowers rates for individuals but takes on the tax expenditures then we in congress ought to find that. but if we don't act, then we ought to make sure the recommendations to the deficit commission actually take effect and, you know, echoing what saxby has said, everyday that we fail to
the number-one issue is debt and the deficit. so we're just trying to do the right things which why people sent us here. >> woodruff: let's talk about some specifics. senator warner, is this mainly a matter of turning the recommendations of the simpson-bowles deficit reduction commission, turning that into legislation? >> well, it's turning that into legislation or having that become the consequences if we don't act. because in certain ways, if there is... as saxby said, we won't do...